Here's some more reading:
Calculated Risk - comments on Yellen's press conference. One bit important to the last few days of market action:
Yellen was not very concerned about the financial crisis in Russia spilling over into the U.S. She said "spillovers to the United States, both through trade and financial channels, would be small."Had to be said because it did.
Calculated Risk - LA port traffic in November. The data says exactly what you'd expect it to say.
Bespoke - oil volatility and correlation with equities. Important because it is.
Easy Money - the US gold standard was really a dollar standard. In that case, the US gold standard was really a price control on gold, right?
Bloomberg - Pooty-poot's advised by idiots, cronies and Nazis. And they were all fighting the last war when they told Pooty he'd face no opposition to his invasion of the Ukraine. And also, quote:
About 40 percent of Russia’s reserves are held in two sovereign wealth funds that are controlled by the Finance Ministry. The government is looking for ways to tap these funds to help cash-strapped enterprises while maintaining as much international currency as possible. Russian companies have about $50 billion in non-ruble bonds and loans due by the end of 2015, according to data compiled by Bloomberg.Yeah, I don't think any of that money is actually there anymore. You'll find it in numbered Swiss bank accounts and London real estate.
One option is to convert some of the $80 billion Wellbeing Fund, which was designed to safeguard the pension system, into rubles to provide emergency loans to select companies.
The Finance Ministry has already said it will use the other sovereign fund, the $89 billion Reserve Fund to cover at least half a projected 1 trillion-ruble budget shortfall next year.